AUDUSD: The 4 hour/daily momentum indicators looking increasingly positive
|AudUsd remains firm on Friday although the Thursday range has been a tight 0.7603/38, and it could be a similar outcome today in the absence of any data and thin holiday markets.
With the 4 hour/daily momentum indicators looking increasingly positive, a test of the H/S neckline formation at 0.7660 would not surprise, above which would find further sellers at the 13 Nov high of 0.7665. Beyond this would then allow a run towards 0.7675/80 and possibly 0.7695/0.7700.
The downside will again find minor support at 0.7590/0.7600 and then at 0.7565 and 0.7550 ahead of the stronger 0.7530/35, area, which will continue to be strong, but below which would target Fibo support at around 0.7515. A break of this would then look towards 0.7485 and 0.7460/70 (Rising trend support) albeit this is some way off.
Preferred Strategy: In the absence of any data and due to a holiday-thinned market, a quiet day near current levels would not surprise.
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